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    MFC   CA56501R1064

MANULIFE FINANCIAL CORPORATION

(MFC)
  Report
Delayed Toronto Stock Exchange  -  01:07 2022-09-29 pm EDT
21.49 CAD   -1.69%
09/28Sun Life, Manulife Reportedly Exploring Insurance Deal With Hong Kong's Dah Sing
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09/27Manulife Expands Vitality Program Across Core Product Suite
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09/27Manulife expands Vitality program in unprecedented move to disrupt traditional insurance industry
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TSX jumps to two-month high on U.S. inflation relief

08/10/2022 | 04:50pm EDT

(Adds details throughout; updates prices)

* TSX ends up 307.64 points, or 1.6%, at 19,885.94

* Posts highest closing level since June 10

* Tech sector jumps 4.2%

* Financials advance nearly 2%

Aug 10 (Reuters) - Canada's main stock index rose on Wednesday to its highest level in two months, with technology stocks leading gains after data showed U.S. inflation rising less than expected last month.

The Toronto Stock Exchange's S&P/TSX composite index ended up 307.64 points, or 1.6%, at 19,885.94, its highest closing level since June 10.

Wall Street also rallied after U.S. consumer price data raised hopes the Federal Reserve will cut back on super-sized interest rate increases.

Investors have worried that aggressive tightening by central banks could push the global economy into a recession.

"Markets have good reason to cheer the CPI number finally," said Barry Schwartz, portfolio manager at Baskin Financial Services. "It's taking a lot of heavy lifting by the central banks to raise interest rates and talk down the economy and that seems to be working."

Canada is expected to report its inflation figures next week. Investors are expecting a half-percentage-point interest rate increase by the Bank of Canada in September after it hiked last month by a full percentage point.

"I would look for more muted hikes going forward in the 50-basis-point range as commodity prices have fallen a little bit," Schwartz said.

Energy prices have been a major driver of inflation.

The Toronto market's technology sector jumped 4.2%, paced by a 20.5% gain for Converge Technology Solutions Corp after the company's adjusted earnings beat estimates.

Heavily-weighed financials rose nearly 2%, while energy added just less than 1% as oil prices settled 1.6% higher at $91.93 a barrel.

The materials group, which includes precious and base metals miners and fertilizer companies, advanced 1.4% despite a 21.6% plunge in the shares of Centerra Gold Inc after it reported quarterly results.

CAE Inc was also a drag, with the 737 MAX simulator maker's shares tumbling 17.6% after quarterly profit missed expectations. (Reporting by Fergal Smith; Additional reporting by Johann M Cherian and Shreyashi Sanyal in Bengaluru; Editing by Shailesh Kuber and Deepa Babington)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CAE INC. -3.25% 21.39 Delayed Quote.-30.68%
CENTERRA GOLD INC. -1.29% 5.75 Delayed Quote.-40.21%
CONVERGE TECHNOLOGY SOLUTIONS CORP. -5.04% 6.41 Delayed Quote.-37.90%
GREECE ATHEX COMPOSITE -0.37% 788.46 Delayed Quote.-11.41%
LONDON BRENT OIL 0.62% 89.36 Delayed Quote.9.98%
MANULIFE FINANCIAL CORPORATION -1.65% 21.49 Delayed Quote.-10.91%
NUVEI CORPORATION -3.92% 37.74 Delayed Quote.-52.07%
WTI 1.39% 82.728 Delayed Quote.8.46%
All news about MANULIFE FINANCIAL CORPORATION
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Analyst Recommendations on MANULIFE FINANCIAL CORPORATION
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Financials
Sales 2022 71 775 M 52 428 M 52 428 M
Net income 2022 6 965 M 5 087 M 5 087 M
Net Debt 2022 - - -
P/E ratio 2022 6,05x
Yield 2022 6,01%
Capitalization 41 499 M 30 313 M 30 313 M
Capi. / Sales 2022 0,58x
Capi. / Sales 2023 0,61x
Nbr of Employees 38 000
Free-Float 100,0%
Chart MANULIFE FINANCIAL CORPORATION
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Manulife Financial Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends MANULIFE FINANCIAL CORPORATION
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 21,86 CAD
Average target price 27,03 CAD
Spread / Average Target 23,7%
EPS Revisions
Managers and Directors
Roy Gori President, CEO & Non-Independent Director
Philip Witherington Executive Vice President & General Manager
John M. Cassaday Chairman
Shamus Edward Weiland Chief Information Officer
Rahul M. Joshi Chief Operations Officer
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